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Richard Wolff - Contradictions in capitalism

(9:49) American economist Richard Wolff explains one of the internal contradictions of capitalism, that if wages are depressed, then people have less money to buy the products that keep the wheels of capitalism turning.

He should spend more time proving that internal conflict works. What he gave is to vague to prove anything. Savings in industry come from reduced cost of labor, but also from improvement in technology.

He should spend more time proving that internal conflict works. What he gave is to vague to prove anything. Savings in industry come from reduced cost of labor, but also from improvement in technology.

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(268 days ago)

Richard Wolff is a Warner Brothers styled marxist (whats up doc?).

He pitches things to a very broad base.

Start from the basics:

Money is a intermediary of exchange. Wealth is real things, services etc. Money is not wealth.

Control over the intermediary of exchange has fluctuated over time: between totalitarian systems - money as a centrally controlled 'thing' (feudal system/communist system), to distributed capitalist systems - money as a promise/contract.

This fluctuation has produced a hybrid system. Propaganda about the system keeps alive the centrally controlled 'thing' thesis. Whilst the reality is closer to the distributed capitalist systems thesis. Although the current system would be better described as cartel/capitalist i.e. marxist capitalism.

Unless the above is the foundation of your world view you're partaking in a Warner Brothers cartoon view of the world. Which would be most of you.

Money is a intermediary of exchange. Wealth is real things, services etc. Money is not wealth.

Control over the intermediary of exchange has fluctuated over time: between totalitarian systems - money as a centrally controlled 'thing' (feudal system/communist system), to distributed capitalist systems - money as a promise/contract.

This fluctuation has produced a hybrid system. Propaganda about the system keeps alive the centrally controlled 'thing' thesis. Whilst the reality is closer to the distributed capitalist systems thesis. Although the current system would be better described as cartel/capitalist i.e. marxist capitalism.

Unless the above is the foundation of your world view you're partaking in a Warner Brothers cartoon view of the world. Which would be most of you.